09 SEPTEMBER 2013Business Recorder
LME aluminium to test resistance at $1,817
Edited by : AL CIRCLE
1 min read
LME aluminium is expected to test a resistance at $1,817 per tonne, a break above which will lead to a further gain to $1,837.
A five-wave cycle starting from the Aug. 22 high of $1,920 has completed at the Wednesday low of $1,785. The bottom of the failed fifth wave labelled v, along with the trough of preceding wave iii, has formed a tinny double-bottom.
A Fibonacci retracement analysis on the cycle has revealed the immediate resistance is at $1,817, the 23.6 percent level, which blocks the way towards the 38.2 percent retracement at $1,837.
Support is at $1,785, a fall below which will confirm the continuation of the preceding downtrend towards $1,760.
No information in this analysis should be considered as being business, financial or legal advice. Each reader should consult his or her own professional or other advisers for business, financial or legal advice regarding the products mentioned in the analyses.
A five-wave cycle starting from the Aug. 22 high of $1,920 has completed at the Wednesday low of $1,785. The bottom of the failed fifth wave labelled v, along with the trough of preceding wave iii, has formed a tinny double-bottom.
A Fibonacci retracement analysis on the cycle has revealed the immediate resistance is at $1,817, the 23.6 percent level, which blocks the way towards the 38.2 percent retracement at $1,837.
Support is at $1,785, a fall below which will confirm the continuation of the preceding downtrend towards $1,760.
No information in this analysis should be considered as being business, financial or legal advice. Each reader should consult his or her own professional or other advisers for business, financial or legal advice regarding the products mentioned in the analyses.
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